nivram4491 Posted March 24, 2012 Share Posted March 24, 2012 I need advice as to the most economical way to transfer $50.000 AUD from Australia to Thailand. I have the money in an NAB account in Australia and I have an SCB account in Australia. I have never done an international money transfer from my NAB account because until recently Thai Baht did not appear in the list of available currencies. Calling their banking service was quite fruitless at the time as they didn't seem to understand the problem. Has anyone used the NAB online international money transfer to transfer AUD to Thailand? Is it possible to send the money in AUD? From memory, converting to Thai Baht in Australia is a big money loser. What are the exchange rates like? Is there a better, cheaper way to make the transfer? Link to comment Share on other sites More sharing options...
softgeorge Posted March 24, 2012 Share Posted March 24, 2012 closed already that was quick, had advice. Link to comment Share on other sites More sharing options...
hellodolly Posted March 24, 2012 Share Posted March 24, 2012 Good advice to look at other options but I am sure some one here will have some experience or knowledge of the process. Link to comment Share on other sites More sharing options...
uptheos Posted March 24, 2012 Share Posted March 24, 2012 (edited) I think it's interesting and because I think it's interesting and I'm thinking of bringing in the same amount, it's now relevant to Chiang Mai. Edited March 24, 2012 by onthedarkside quote edited out - removed already Link to comment Share on other sites More sharing options...
chiangmaibruce Posted March 24, 2012 Share Posted March 24, 2012 Mate there are threads on transferring money throughout Thaivisa including a "pinned topic" in the business and banking forum (use forum search top right this page and/or google on the topic) The only way to get AUD50 to Thailand economically is to hand it to someone about to get on the plane. A bank transfer will cost you half that amount. You transfer in AUD not in Thai baht or, yes. you will lose even more of your hard-earned $$. The exchange rates change all the time - google on 'national australia bank foreign currency exchange' for today's rate for that bank (see the 'transfer' column of the table). You save on fees by making fewer larger transfers. Link to comment Share on other sites More sharing options...
E1717007 Posted March 24, 2012 Share Posted March 24, 2012 "The only way to get AUD50 to Thailand economically is to hand it to someone about to get on the plane. A bank transfer will cost you half that amount. You transfer in AUD not in Thai baht or, yes. you will lose even more of your hard-earned $$." agreed. that my method to avoid hefty exchange loss. Link to comment Share on other sites More sharing options...
Baxer Posted March 24, 2012 Share Posted March 24, 2012 Mate there are threads on transferring money throughout Thaivisa including a "pinned topic" in the business and banking forum (use forum search top right this page and/or google on the topic) The only way to get AUD50 to Thailand economically is to hand it to someone about to get on the plane. A bank transfer will cost you half that amount. You transfer in AUD not in Thai baht or, yes. you will lose even more of your hard-earned $$. The exchange rates change all the time - google on 'national australia bank foreign currency exchange' for today's rate for that bank (see the 'transfer' column of the table). You save on fees by making fewer larger transfers. I think it's 50 000 AUD, not 50, so it will not cost him half that amount.. Link to comment Share on other sites More sharing options...
lsk Posted March 24, 2012 Share Posted March 24, 2012 Never transferred more than AUD10K at a time but have always found OzForex convenient, cheap and quick. A Bpay payment from your NAB account and they transfer the amount into your SCB. Wholesale rates plus $15 and about 3 days max. Also owned by Macquarie Bank so not a backyard operation. http://www.ozforex.com.au/ Link to comment Share on other sites More sharing options...
chiangmaibruce Posted March 24, 2012 Share Posted March 24, 2012 (edited) 555 oops. Ok AUD$50,000 is a different kettle of fish. Your two most likely options are bank to bank transfer or one of the many specialist money transfer/exchange operations. I haven't used any of the latter myself but plenty have been mentioned in various threads here in TV - and I haven't noticed any horror stories. With both options you need to do your detective work to ensure you have a handle on ALL the fees plus the applicable exchange rates. If you use a money transfer company, particularly one not allied to a bank, then be sure to google on their name to see what is being said (online) about their service. Edited March 24, 2012 by chiangmaibruce Link to comment Share on other sites More sharing options...
mamborobert Posted March 24, 2012 Share Posted March 24, 2012 If you bring cash in every time (and you can legally bring out more than 10k from Australia as long as you declare it and have a reputable source for the money) how would you go about satisfying Thai authorities that the money (now baht in your Thai bank account) is generated from "outside Thailand" and hence be able to buy property. I have tossed this around myself, thinking of just bringing in 10 or 20k each time I come until I have what I need for a cash purchase through wifey. Link to comment Share on other sites More sharing options...
CM4Me Posted March 24, 2012 Share Posted March 24, 2012 I do an online monthly TT from Westpac to BKK Bank. Takes about 2 to 3 hours, yes hours. Bkk Bank sends me an SMS when my account is credited, painless. I transfer AUD. Westpac charges me $20.00/transfer & Bkk Bank charges around 250Thb/transfer Link to comment Share on other sites More sharing options...
g00dgirl Posted March 25, 2012 Share Posted March 25, 2012 You should not select THB when sending AUD to Thailand. You should send AUD and they will be converted by Siam Commercial Bank once they arrive here, the rate will be better this way. Link to comment Share on other sites More sharing options...
HullyGully Posted March 25, 2012 Share Posted March 25, 2012 Its better Bank to Bank in your currency AUD/GBP/EURO Transfer via Swift should be done within 24/48hrs max You need to instruct your bank to transfer in your currency, otherwise your bank may change the money into your Baht I transfer GBP to Bangkok Bank and rate has always been okay Also I would always use standard transfer NOT express Link to comment Share on other sites More sharing options...
scorecard Posted March 25, 2012 Share Posted March 25, 2012 (edited) Never transferred more than AUD10K at a time but have always found OzForex convenient, cheap and quick. A Bpay payment from your NAB account and they transfer the amount into your SCB. Wholesale rates plus $15 and about 3 days max. Also owned by Macquarie Bank so not a backyard operation. http://www.ozforex.com.au/ Thanks for this info. I often transfer funds from Macquarie to my local Thai bank, over 20 years, and Macquarie have never mentioned Ozforex. I find this surprising because (at least in my experience) Macquarie are a very customer oriented and professional operation and on the phone their staff, always good listeners, always seem to proactively offer good advice (but never with any pressure). I clicked the link provided and I cannot see any association to Macquarie, but perhaps I missed it. Edited March 25, 2012 by scorecard Link to comment Share on other sites More sharing options...
lsk Posted March 25, 2012 Share Posted March 25, 2012 "OzForex is a strategic investment of Macquarie Bank, Accel Partners, the Carlyle Group and it's original co-founders Matt Gilmour and Gary Lord" http://www.ozforex.com.au/about-us/the-company/the-company Link to comment Share on other sites More sharing options...
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